The business survival rate in Minnesota is a positive sign for the future of the state. | GettyImages
The business survival rate in Minnesota is a positive sign for the future of the state. | GettyImages
Minnesota has ranked first in a nationwide study of business five-year survival rate for the span ranging from 2015-2020, according to a Minnesota Department of Employment and Economic Development (DEED) press release.
Based on a study conducted by the Bureau of Labor Statistics, the state's five-year survival rate was 55.3%, greater than the national average of 50.0%.
“This ranking confirms something we know to be true – people who start things in Minnesota tend to stick to it. It’s part of that Minnesota work ethic that we’re known for. This ranking bodes well for our economy, as we know that small businesses account for 47% of the jobs in the state," DEED Commissioner Steve Grove.
These findings bode well for the economy, as new businesses are one of the primary drivers for creating new jobs in the state. Minnesota has been a friendly place to start a business in recent years, with new business startups up nearly 60% over the previous year.
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